Zurich to make major investment in cyber insurtech CowbellZurich is making a significant investment in cyber MGA Cowbell, a move that is expected to see the Swiss insurance giant take a significant equity stake and which represents a key cash infusion into the insurtech, Cyber Risk Insurer can reveal.
Liberty Mutual Strategic Ventures launches $200mn venture capital fundBoston-based Liberty Mutual Strategic Ventures has launched its second venture capital fund, committing $200mn to support entrepreneurs who are “reshaping the future” of the property and casualty insurance industry.
The Woodlands share price surges 30% after IPO was “substantially oversubscribed”Shares in The Woodlands Financial Group (TWFG) surged by more than 30 percent on Thursday following its IPO, raising $187mn in gross proceeds and with CEO Gordy Bunch calling it “substantially oversubscribed” after it attracted $2bn in investor demand.
The Woodlands prices Nasdaq IPO at $17, above initial $14 to $16 rangeBroker and MGA platform The Woodlands Financial Group has priced its IPO at $17 per share – above the $14 to $16 range provided last week – with the firm now planning to list on Thursday and raise $187mn in gross proceeds.
The Woodlands sets $14-$16 price range for IPO with plans to raise up to $176mnBroker and MGA platform The Woodlands Financial Group has set a $14 to $16 price range for its IPO, with the firm looking to raise somewhere between $154mn and $176mn as it forges ahead with plans for a public listing.
The Woodlands files S-1 for Morgan Stanley-led IPO under TWFG tickerBroker and MGA platform The Woodlands Financial Group has revealed a 19 percent plus compound annual growth rate (CAGR) for the last five years in total written premium and revenue as it formally filed on Monday its S-1 for a New York IPO to go public as TWFG.
Moody’s: Ardonagh debt rises to £4.7bn following re-fiPrivate equity-backed Ardonagh Group’s pro forma gross financial debt will increase to £4.7bn ($5.9bn) following its latest refinancing, with Moody’s estimating the broker’s current debt-to-Ebitda ratio at around 8-9x.
Aquiline closes fifth PE fund at more than $2.3bn in capitalSerial insurance industry investor Aquiline has closed its fifth private equity fund after raising more than $2.3bn in capital from existing and new investors, with a further $1.1bn in capital commitments to its continuation fund led by HarbourVest Partners.
Insurtech Sixfold closes $15mn Series A; confirms Lloyd’s Lab participationInsurtech Sixfold has raised $15mn in a Series A funding round led by Salesforce Ventures in a move the AI underwriting-focused platform said would enable its expansion to the UK and EU.
United Fire Group in $70mn Ares-led debt fundraise to support growthUnited Fire Group has completed the placement of $70mn of unsecured notes in a private offering led by Ares Management Credit funds, with part of the proceeds earmarked to support anticipated growth.
Acrisure in $1.875bn refinancing debt issueAcrisure is looking to issue $1.375bn of secured senior notes due 2030 and $500mn of unsecured senior notes due 2029 as part of a debt refinancing.
Bowhead Specialty shares close up 40% following IPOShares in Bowhead Specialty Holdings closed up 40 percent Thursday on the New York Stock Exchange after the company went public at an IPO price of $17 a share that was already above its previously indicated range.
Fidelis prices secondary offering at $16 a shareFidelis Insurance Holdings Limited has priced its underwritten secondary public offering of 9 million common shares by certain of its shareholders at $16 per common share.
AUB raises A$200mn to fund Pacific Indemnity acquisitionAUB Group has raised A$200mn ($132.44mn) through the completion of an institutional placement of new fully paid ordinary shares.
IMA eyes further M&A as it adds $125mn to term loanIMA Financial Group is targeting further M&A as the middle market insurance broker looks to build on the $634mn of commissions and fees it booked through the 12 months to March 2024 by repricing and adding $125mn to its term loan.
Vitesse raises $93mn through KKR and Hannover Digital Investments-backed Series CInsurance industry-focused treasury and payment solutions provider Vitesse has raised $93mn through a Series C funding round led by KKR and which included support from existing investor Hannover Digital Investments, while the technology platform has also appointed Curt Hess as its targets US growth.
Richmond National raises $55mn in equity capital to support “tremendous opportunity”Richmond National Group and its affiliates have closed an oversubscribed $55mn follow-on equity capital raise that brings the E&S carrier’s total common equity capital raised since formation in 2021 to more than $155mn.
Cover Genius completes $80mn Series E funding round led by Spark CapitalNew York-based global insurtech Cover Genius has raised $80mn after completing a Series E funding round led by US-based VC firm Spark Capital.
Insurtech CoverTree secures $13mn in Series A funding roundCoverTree, a Detroit, Michigan-based insurtech specialising in manufactured home insurance solutions, has completed a $13mn Series A funding round led by Portage.
Bowhead to raise up to $107mn as prices IPO at $14-$16 a shareBowhead Specialty Holdings expects to price its initial public offering on the New York Stock Exchange at between $14 and $16 a share, which would raise up to $106.7mn before an expected grant of an additional one million shares to the underwriters.